2,960 Sharp employees apply for early retirement

OSAKA —

Sharp Corp says that 2,960 employees have applied for early retirement as part of the company’s restructuring plans.

On Aug 28, the struggling manufacturer announced that it was seeking early retirement among its employees and that the application period would be from Nov 1-14. However, the company received such a large number of applications that it shortened the period to Nov 9.

Sharp estimated the expense of the voluntary retirement program at 25.3 billion yen and said it will be recorded as an extraordinary loss for the third quarter of the fiscal year ending March 31, 2013.

Sharp said it would book a 450 billion yen annual net loss as it undergoes a painful restructuring, underscoring the increasingly bleak outlook for Japan’s hard-hit electronics sector.

It also cut its sales forecast to 2.46 trillion yen from 2.50 trillion yen, while saying it lost 387.58 billion in the first half of the current fiscal year to March, from a year-earlier loss of 39.82 billion yen.

Besides job cuts, Sharp is selling real-estate to shore up its bleeding balance sheet.

Japan Today/AFP

  • -5

    Serrano

    I wish I could apply for early retirement.

  • -1

    some14some

    sharp employees, good luck !

  • 3

    Scrote

    If their top engineers retire early, leaving behind those who spend their days filling in spreadsheets, it won't do much to help Sharp.

  • 3

    Reckless

    Scrotum is right. Good employees will see the early retirement as a huge bonus then easily find another job.

  • 2

    Tatanka

    What's that saying that's appropriate here: the rats that can swim, jump ship first...

  • 1

    JapanGal

    ByeBye Sharp

  • -2

    basroil

    It's more of "applied" (by their boss) than applied for it of their own conviction. Sad thing is that early retirement only saves the company 20-30% of the salary.

  • 1

    Ninoh

    I want my early retirement and I want it now!

  • 0

    Serrano

    I'm with Ninoh. Early retirement is great - you still get a substantial income whilst giving you a bunch of free time to do other stuff, including doing part time work that suits you and could even give you higher total income.

  • 0

    globalwatcher

    According to the financial statement of Sharp I have just reviewed, more restructuring will be needed. Good luck.

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